Cooke & Bieler LP Decreases Stock Holdings in Steelcase Inc. (NYSE:SCS)

Cooke & Bieler LP decreased its position in Steelcase Inc. (NYSE:SCS) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,574,955 shares of the business services provider’s stock after selling 20,070 shares during the quarter. Cooke & Bieler LP owned approximately 3.13% of Steelcase worth $48,333,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Point72 Hong Kong Ltd purchased a new position in shares of Steelcase in the first quarter valued at about $33,000. Captrust Financial Advisors increased its position in shares of Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock valued at $49,000 after acquiring an additional 2,660 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Steelcase by 208.9% in the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock valued at $51,000 after acquiring an additional 4,119 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Steelcase by 219.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock valued at $65,000 after buying an additional 4,006 shares during the period. Finally, Point72 Middle East FZE purchased a new position in shares of Steelcase during the fourth quarter valued at about $65,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now owns 108,081 shares in the company, valued at $1,362,901.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 12.72% of the company’s stock.

Steelcase Price Performance

Shares of NYSE SCS opened at $11.94 on Friday. Steelcase Inc. has a 1 year low of $6.39 and a 1 year high of $14.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.12. The company’s 50-day moving average is $12.76 and its 200 day moving average is $12.41. The stock has a market capitalization of $1.36 billion, a P/E ratio of 17.56, a P/E/G ratio of 1.30 and a beta of 1.35.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 12.87%. The company had revenue of $775.20 million for the quarter, compared to analysts’ expectations of $780.25 million. During the same quarter in the previous year, the company earned $0.19 earnings per share. Steelcase’s quarterly revenue was down 3.3% on a year-over-year basis. On average, sell-side analysts expect that Steelcase Inc. will post 0.92 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Tuesday, April 2nd. Steelcase’s dividend payout ratio (DPR) is presently 58.82%.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, and mobile power and screens.